STB

Ngân hàng TMCP Sài Gòn Thương Tín ·HOSE ·2026Q1

▼▼ PROVISION DOMINATED

Operations are weakening Credit cost 1.69%, +0.28 pp YoY
Price
66,600
Latest close
02 Jun 2026
P/B 2.0x
ROAE (TTM) 7.8%
NIM (TTM) 3.3%
ROAA (TTM) 0.6%
LDR 94.7%

Bank Picture

STB bank opening narrative plan rendered.

Quarterly net income
1,584 bn VND
−45.3% YoY
NIM
3.31%
−0.4 pp YoY
Metric Q1'26 Q4'25 Q3'25 Q2'25 Q1'25 Q4'24 Q3'24 Q2'24 Q1'24
Net Interest Income 6.042,0 5.358,0 7.874,4 6.585,1 6.863,2 6.099,2 6.365,1 6.116,6 5.950,8
NII Growth YoY −12% −12% +24% +8% +15%
NIM 3,31% 3,31% 3,67% 3,55% 3,71% 3,60%
Net Fee Income 749,6 758,3 673,2 919,1 727,8 963,7 756,0 680,5 578,3
Provision Expense 2.023,9 9.232,2 1.044,0 912,3 195,3 −367,3 1.198,7 465,3 677,7
Net Profit After Tax 1.584,4 −2.752,5 2.901,3 2.893,6 2.896,7 3.598,1 2.201,2 2.176,8 2.111,4
Net Income Growth YoY −45% −176% +32% +33% +37%

Drivers of STB's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher provision for credit losses. Supporting and offsetting drivers:

Operating expenses −VND 1,840.8bn
Other income +VND 1,809.4bn
Corporate income tax −VND 1,434.0bn
Net interest income +VND 415.5bn
Investment securities +VND 30.0bn
Provision for credit losses +VND 11,720.4bn
TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher provision for credit losses. Supporting and offsetting drivers:

Operating expenses −VND 519.1bn
Other income +VND 427.1bn
Corporate income tax −VND 255.5bn
Investment securities +VND 73.9bn
FX & gold trading +VND 31.7bn
Provision for credit losses +VND 1,828.6bn

Financial Highlights

Detailed analysis of each financial dimension

Is credit clean?

very positive positive stable watch under pressure

Credit Quality

Is asset quality deteriorating?

Direct credit indicators remain incomplete, but this quarter shows a notable split: credit cost rose to 1.69% while reserve buffer also edged up to 3.52%.

Reserve buffer on gross loans is around 3.52%. LDR stands at 94.7%.

Credit reading currently relies mainly on credit cost and reserve buffer; NPL, group-2, and bad-debt coverage signals will be added next.

Key signals

Credit cost 1.69% +0.3pp
Reserve / Gross loans 3.52% +0.3pp
LDR 94.7% +2.5pp

2026Q1

Is interest margin sustainable?

Interest Margin Quality

Is spread coming under pressure?

Spread deserves closer monitoring because funding cost is already at 4.24%, even if pressure is not yet as severe as in clearer compression cases.

In the period, NIM reached 3.31%, −0.4pp YoY; asset yield was 7.56%, +0.1pp; while funding cost was 4.24%, +0.5pp. This suggests spread has become less favorable than before, though not yet in a clearly deteriorating two-sided way.

Watchpoints

Funding cost is elevated

Funding cost is 4.24%, pressuring net interest margin.

Key signals

NIM 3.31% −0.4pp
Asset yield 7.56% +0.1pp
Funding cost 4.24% +0.5pp

2026Q1

Earnings Mix

Is profit coming from core or supporting income sources?

Earnings remain primarily core-led, with NII contributing around 81.3% of total operating income. More broadly, the revenue mix is becoming less anchored in core income, as the share of net interest income declines without a clear enough offset from fee income.

Nii accounts for 81.3% of toi, fee income is 9.7% of toi, other income is 5.3% of toi, cir stands at 39.4%, net profit equals 14.6% of toi.

Watchpoints

Income mix quality deteriorating

Net interest income share is declining while fee income does not offset enough or other income rises, making the revenue mix less anchored in core income.

Key signals

NII / TOI 81.3% −2.0pp
Fee / TOI 9.7% +0.1pp
Other income / TOI 5.3% +1.4pp
CIR 39.4% −1.3pp

2026Q1

Is liquidity safe?

Funding & Liquidity

Are funding and capital buffers sufficiently safe?

Funding and liquidity look more balanced, with LDR at 94.7% while customer funding share is improving.

Ldr stands at 94.7%, equity equals 7.2% of assets, customer funding accounts for 78.7% of interest-bearing funding, market funding accounts for 21.3%.

Key signals

LDR 94.7% +2.5pp
Equity / Assets 7.2% +0.6pp
Customer funding 78.7% +2.7pp
Market funding 21.3% −2.7pp

2026Q1

Profitability Quality

What is sustaining current profitability?

Profitability should be watched more closely, with ROAA at 0.57% and ROAE at 7.75%.

Net income on average earning assets is 0.59%, nim stands at 3.31%, credit cost is 1.69%, cir stands at 39.4%, average leverage is around 13.55 times.

Watchpoints

ROAA is low

ROAA stands at 0.57%, suggesting returns on assets are still soft.

ROAE should be watched

ROAE currently stands at 7.75%.

Key signals

ROAA 0.57% −0.1pp
ROAE 7.75% −2.6pp
NI / Avg EA 0.59% −0.1pp
Quarterly provision VND 2,024bn −78.1% QoQ

2026Q1

Investment Takeaway

STB bank investment takeaway — provision dominated. [Placeholder for EN translation.]

[Placeholder for EN evidence line 1.]

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[Placeholder for EN conclusion.]

Statement Data

Item 2025 2024
Net Interest Income
26,680.6 24,531.7
Net Fee and Commission Income
3,078.5 2,978.4
Operating Expenses
13,044.9 13,982.4
Operating Profit before Provision for Credit Losses
19,011.8 14,694.7
Provision for Credit Losses
11,383.8 1,974.4
Profit Before Tax
7,628.0 12,720.4
Net Profit After Tax
5,939.1 10,087.5
Net Profit Attributable to the Equity Holders of the Bank
5,939.1 10,087.5
Earnings per Share
3,150.00 5,351.00

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